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Continuing the practice of placing key statistics relating to direct tax collections and administration in public domain, the Central Board of Direct Taxes (CBDT) has further released time-series data as updated up to FY 2017-18 and income-distribution data for AY 2016-17 and AY 2017-18.  The key highlights of these statistics are as under: There is […]

IFC, International Finance Corporation, the World Bank’s lending arm, has launched its $1 billion masala bond programme in the US and Europe. These bonds are aimed at funding the rapidly expanding investment activities of IFC in India. Masala bonds are rupee-denominated borrowings issued overseas. IFC uses them to raise rupee funds overseas and brings the […]

The government has increased the rate of interest for General Provident Fund (GPF) and other related schemes by 0.4% points to 8% for the October-December quarter.  The rate is in line with that for Public Provident Fund (PPF). The interest rate on GPF was 7.6% for the July-September quarter of 2018-19.  Source- ANI News Find […]

Inflation-based wholesale prices rose to a two-month high of 5.13 percent in September, mainly due to the hardening of food prices and the rise in the cost of petrol and diesel. The Wholesale Price Index (WPI)-based inflation stood at 4.53 percent in August and 3.14 percent in September last year. According to the government data […]

Economic Affairs Secretary SC Garg has announced a reduction in gross borrowing estimate for the current fiscal by 70,000 crore rupees and maintained that the government will contain fiscal deficit target at 3.3%.  Mr Garg gave the details about the borrowing programmes for the second half of the fiscal and announced that the government would […]

The National Mission on Government e Marketplace (GeM), was launched by the Minister of Commerce and Industry, Suresh Prabhu, on 5th of September 2018. This was followed by the launch of the Mission in 19 States and Union Territories. GeM has recorded till date more than 8 lakh transactions worth over Rs.12,239 crore. The Government […]

Global research agency Fitch has raised India’s growth forecast for the current fiscal to 7.8 per cent from the earlier 7.4 per cent. However, forecast for the next two fiscal, 2019-20 and 2020-21, have been shaved by 20 basis points (100 basis points means 1 per cent) to 7.3 per cent. Fitch’s latest projection for […]

The Central Board of Direct Taxes (CBDT) announced that no withholding tax will apply on interest payments made by an Indian company or a business trust to a non-resident in respect of offshore rupee-denominated bonds issued between September 17, 2018 and March 31, 2019.  The move is expected to incentivise foreign exchange inflows into India through low-cost […]

Inflation based on wholesale prices eased to a four-month low of 4.53% in August on softening of prices of food articles, especially vegetables. The Wholesale Price Index-based inflation stood at 5.09% in July and 3.24% in August last year. Data released by the commerce and industry ministry on Friday showed a 4.04% decline inflation in […]